May 21, 2024 04:27 PM IST
Amitabh Kant responded with an explanation on the criteria used to determine a country’s development status.
Former NITI Aayog CEO Amitabh Kant explained why India is still classified as a developing nation rather than a developed one despite being one of the top five economies in the world after he was asked about the same. Amitabh Kant was asked on X (formerly Twitter), “My question is simple and the question is why India is still not regarded as developed nation but developing nation despite being top five economies of the world. @amitabhk87.”
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To this, he responded with an explanation on the criteria used to determine a country’s development status. He explained, “A developing country is technically a country where the Gross National Income per capita is $11,905 or less. Even China, Brazil & Malaysia are regarded as developing countries.”
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This comes as Jefferies said that India’s GDP is expected to reach $5 trillion in the next four years surpassing Japan and Germany. India will become the third-largest economy by 2027, it said, adding that India’s stock market will grow to nearly $10 trillion by 2030, making it “impossible” for large global investors to overlook the country.
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Jefferies noted, “Over the next 4 years, India’s GDP will likely touch $5 trillion making it the 3rd largest economy by 2027, overtaking Japan and Germany, being the fastest growing large economy with the tailwinds of demographics (consistent labour supply), improving institutional strength and improvement in Governance.”
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